ng of energies--especially the financial--on the part of
all the nations, is hardly conceivable. But however short a time it may
last, we shall emerge a world very different from before.

The time is long since past when a great war brings in its train no
changes other than the ceding of a few square miles of conquered
territory. Under the capitalistic method of production, continual
changes, irreconcilable situations, constantly new problems pile up so
rapidly that no great war is any longer possible which does not bring
with it a prolonged breaking down as well as a building up of industrial
organisms.

Especially is it clear that the non-European world will undergo a
powerful change. The non-European nations are already in the ascendency;
more and more they are becoming a strong opposition force to Europe.
Their advance must win tremendous impetus from a war which in every case
will weaken seriously the European nations, no matter how it may swing
the balance of power among them.

The United States particularly will derive the greatest profit from the
struggle. Without any exertion whatsoever she is already able to control
the entire American market, and in the Far East it is possible for her
to exercise considerable restraint on her European competitors. In time
she will be in a position to constitute herself the only great money
power of that section of the world which employs the use of free
capital. Already there is a colossal stream of European securities
flowing to the United States, who is acquiring them at the very lowest
prices. The remedy for the economic wrongs of Europe which will be
created by this war as well as the fixing of indemnities will not be
possible without the aid of America. At the very least, the conquered
nations will be wholly dependent on American capital.

Next to the United States in this amazingly swift advance stand the
nations of Asia and of Islam--Japan, China, India, Persia, Turkey with
her tributary possessions. The progress of these nations has been
considerably hampered by the control--both financial and
military--exerted over them by the European powers. In the free States
this control has been suddenly lifted; in the dependencies, such as
India, Persia, and Egypt, it has been materially weakened, and it will
be long before it can again operate with the same force. We must reckon
with the possibility of revolt among these nations and of their entrance
into the world war. Ru